The start-up culture in the UAE
An analysis done from various resources by the business setup consultants, at Business Link, revealed, that the UAE is ranked as the best country in the world for starting a new business. The UAE has topped all global competitors, including the Netherlands, Finland, and even the United States.
Majed Al Suwaidi, managing director of Dubai Media City stated how during the past two decades, UAE has seen an unwavering drive to progress as a globally established business ecosystem. This drive has attracted countless foreign investors, which has supported the diversification and boost of the UAE’s economy.
“We are also seeing a huge influx of inquiries regarding new business setup in Dubai from Sri Lanka, Russia, Egypt, and the UK. It is quite evident now investors and entrepreneurs are considering UAE to be the safest destination for business expansion and startup.” Said Hatem Elsafty, CEO of Business Link.
To add, the start-up culture in the UAE is an entrepreneur-friendly place with a growing network. It welcomes everyone from leaders, entrepreneurs, professionals, and incubators to artists. The country is open and welcoming to new business setups, regardless of size or industry. Reach out to us if you need further guidance for a new company formation in the UAE.
Advantages of starting a start-up in Dubai, UAE:
- Government support and incentives
- High-end infrastructure
- Easy business setup opportunities
- Access to easy trading with international markets
- Advance technological support
- Geographical advantage
- Tax benefits
- The diversified talent of the workforce
The UAE’s ambitions are driven especially by Dubai’s boom in small and medium-sized enterprises. It is currently home to over 10,000 SME startups.
Dubai aims to produce 20 unicorns by 2031. Unicorns are companies that reach $1 billion in worth. These are rare and usually start-ups. Reaching the unicorn stage is a dream for an entrepreneur. Dubai’s methodical steps and incentives help one live their business dreams to the fullest.
Furthermore, in the first half of 2022, the UAE has retained its position as the most advanced startup destination in the world. The country has secured roughly $700 million from financing startups.
Without forgetting to mention, this upsurge in numbers is also backed by the UAE’s initiative of a 10-year Golden Visa for foreign nationals.
The future of business startups
The UAE aims to attract and empower young entrepreneurs to invest by opening new companies and driving the economy with them. The UAE’s goal to diversify the economy beyond world-class infrastructure and oil and gas has spotlighted startups. The desire to diversify and expand has turned heads in the startup culture. This makes the UAE, especially Dubai, an easy yet convenient location for a new company setup.
Moreover, the UAE aims to maintain its position as the global hub for startups and SMEs. This means more incentives and support from the government can be expected. To add to that, the UAE Space Agency recently revealed that they will be providing more support to SMEs in the space sector. This initiative is done on par to increase the country’s economy. The Agency has dedicated an $816 million investment to the development and support of new programs in space engineering and research.
Business professionals at Business Link predict that this surge in UAE’s startup culture is here to stay. The country is expected to maintain its position as the world’s leading startup destination.
If you are an entrepreneur on the rise and looking to invest, expand your business or start a start-up in the UAE, reach out. We help businesses set up a business in the UAE, both on the mainland and in free zones. Consult us for a free session if you choose to discuss some future prospects.